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According to a new market research report "IoT in Utilities Market by Component (Platform, Solutions (Asset Monitoring and Management and CIS and Billing), Services), Application (Electricity Grid Management Water and Wastewater Management), Region - Global Forecast to 2024", published by MarketsandMarkets™, the IoT in utilities market size expected to grow from USD 28.6 billion in 2019 to USD 53.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.5% during the forecast period.The use of IoT in grid technology is accelerating the integration of renewable energy resources, such as solar, wind, and hydroelectricity into the electrical grid and further in the gas and water utility segment across the world.
Browse in-depth TOC on "IoT in Utilities Market” 108- Tables 42- Figures 155- PagesDownload PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=116054824Asset monitoring and management solution to account for the largest market size during the forecast periodIoT-enabled asset monitoring solutions are a combination of all processes, assets, workflows, and analytics into a single solution, which offer centrally consolidated tracking, monitoring, and analytics system for asset-intensive sectors, such as utilities, mining, oil and gas, and healthcare.
These solutions generally include type and asset tracking; work order creation; maintenance, repair, and operations inventory and procurement; asset tracking; and planned maintenance history.The electricity grid management application to account for the largest market size during the forecast periodThe use of IoT in the electricity grid offers an unprecedented opportunity to move the energy industry into a new era of reliability, availability, and efficiency, which will contribute in enhancing the overall economic and environmental health.
In the traditional electricity grid, utilities would gain knowledge about an existing power failure through consumers.
This leads to lower response time and real-time information about maintenance-related issues, leading to better management of electricity distribution .
Use of IoT in electricity grid is not limited to technology and utility operators but it helps consumers manage day-to-day energy consumption.North America to account for the highest market share during the forecast periodNorth America accounts for the highest market share in the IoT in utilities market.